Fortescue’s superb performance continues

Thursday, 15 October 2015

Fortescue is out with its third quarter production report and it’s a barn burner:

That’s well ahead of $18wmt cost per tonne guidance, is on tack with volume, is a 4% improvement on discounting for its sub-par ore, a $200 million rise in cash on hand and it bought back $384 million in debt for a profit. That is a blue chip quarter.

It’s a real shame that this business is doomed.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.